Latest news with #Christie's
New York Post
5 hours ago
- Business
- New York Post
One of the world's largest luxury real estate firms wants to help you buy a house — with crypto
Bitcoin — once warily regarded as the domain of chumps and criminals — can now buy you a house. One of the world's largest luxury brokerages just launched a division solely dedicated to digital currency transactions. Christie's International Real Estate, known for its global portfolio and luxury clientele, shared the news with the New York Times this week. Its newly minted team of lawyers, analysts and crypto experts is expected to meet a growing demand for all-crypto real estate deals. Advertisement The bold move marks a first among major real estate firms. 5 A new division at Christie's will cater to luxury buyers eager for creative financing and complete anonymity. Stefano Giovannini 5 Cryptocurrency's cachet in the traditional finance world is growing, and real estate is catching on. Getty Images Advertisement Aaron Kirman, CEO of a Christie's affiliate in Los Angeles, is spearheading the new division. Kirman has handled high-profile listings like the estates of Rodney Dangerfield and Cary Grant, as well as the former home of Yolanda Hadid and Kiley Jenner. Kirman told the Times that the crypto trend in real estate is 'only going to get bigger over the next few years.' While it's common practice for privacy-minded billionaires and celebrities to purchase properties behind anonymous shell corporations, even all-cash deals between iron-clad shell companies can be sleuthed out from time to time. Purchasing a home exclusively with cryptocurrency funds, rather than bank funds, essentially allows high-profile purchasers total anonymity. Real estate deals made with crypto remain rare, but lucrative. Kirman closed a handful of high-end crypto deals over the last two years, he told the Times, including a $65 million Beverly Hills home. Advertisement 5 Digital currency can take the place of all-cash offers, as long as sellers are open to it. Ari – 5 Major mortgage lenders were recently instructed to consider crypto assets as part of home loan applications. Getty Images 5 Crypto purchases within the mainstream market could become more commonplace. Getty Images Christie's crypto-ready portfolio is reportedly worth more than $1 billion. Invisible House in Joshua Tree, a desert home with a totally mirrored facade, is accepting cryptocurrency offers equivalent to $18 million. A Bel Air mansion, dubbed La Fin, is worth $118 million, and currently stands as the priciest-ever home listed for crypto. Advertisement Roughly 14% of American adults today own at least some cryptocurrency, according to a recent Gallup poll. Buying a home with crypto leaves big banks, and the potential for a home loan, out of the picture — for now. President Trump's housing director, William Pulte, said in June he would instruct Fannie Mae and Freddie Mack to consider crypto assets as part of a homebuyer's loan application. Washington DC is increasingly embracing digital currency under the Trump administration. Kirman told the Times he is in talks with big banks to pave the way for homebuyers who have cryptocurrency to spend, yet still require financing — a potentially major step for both the real estate and crypto industries. Christie's did not respond to a request for further comment on the news.
The Sun
17 hours ago
- Politics
- The Sun
El Greco painting sparks legal battle between Romania, oligarch and royal
BUCHAREST: A rare El Greco painting has become the centre of a high-stakes legal dispute involving the Romanian government, Russian billionaire Dmitry Rybolovlev, and a self-proclaimed royal heir. The artwork, *Saint Sebastian*, valued between $7 million and $9 million, remains in limbo at Christie's auction house in New York after its planned sale was halted earlier this year. Romania claims the painting as part of its royal art collection, alleging it was unlawfully removed from the country in 1947 by former King Michael I. The government has filed a lawsuit against a company linked to Rybolovlev, accusing it of acquiring the artwork in bad faith. Meanwhile, Prince Paul of Romania, a disputed royal descendant, asserts his own claim, arguing the painting was stolen by his uncle. The contested artwork's journey includes a dramatic escape via the Orient Express, hidden in Swiss bank vaults, and multiple sales before Rybolovlev's acquisition in 2010. Romania insists the piece is a vital part of its cultural heritage, with former Prime Minister Marcel Ciolacu warning of 'irreparable harm' if it is sold before legal claims are resolved. - AFP
NBC News
3 days ago
- Business
- NBC News
Auction sales fall 6% in the first half, raising fears of an art market shift
Auction sales have been declining for the third year in a row, as dealers, auctioneers and collectors ponder a deeper crisis in the art market. Auction sales for the first half of the year at Sotheby's, Christie's and Phillips fell to $3.98 billion, a drop of 6% compared with the same period in 2024, according to ArtTactic. The auction total is the lowest in at least a decade (setting aside the 2020 pandemic) and is now down 44% — or more than $3 billion — from 2022. The declines follow a 19% drop in 2023 and 26% decline in 2024. Postwar and contemporary art, which has been the main engine of growth for art auctions in recent decades, fell by an even greater 19% in the first half, according to ArtTactic. 'Lingering concerns over global economic growth, ongoing inflation, and rising geopolitical tensions are weighing on confidence and creating a more cautious investment climate,' ArtTactic said. 'These factors are likely to challenge the market's momentum in the second half of the year, as the industry adapts to a still-uncertain global landscape.' Those lingering concerns, however, aren't showing up in other areas of the wealth economy. The prosperity of the wealthy is at record levels, with the top 10% of Americans adding $37 trillion to their wealth since Covid, marking a 45% increase. Stock markets were up more than 20% in both 2023 and 2024 and are up again so far in 2025. Housing values and business valuations have also soared, adding to personal wealth. Yale professor William Goetzmann has studied the relationship between art prices and financial wealth going back over 300 years and found they are 'highly correlated.' 'Demand for art increases with the wealth of art collectors,' he wrote in his famous paper 'Accounting for Taste, Art and the Financial Markets over Three Centuries.' With personal wealth at all-time highs, however, Goetzmann said the 300-year correlation is broken. He said there are one of two explanations for the divergence: Either the dip in the art market is a temporary aberration and will bounce back this year or next, or the art market is going through a more structural change. 'The question is, is there some kind of fundamental deviation from the social norm of the very wealthy being highly involved in collecting art at the highest prices and levels,' he said. 'We don't know yet.' That fundamental deviation, if it's happening, may be rooted in the generational shift in wealth. For decades, the art market has been driven largely by baby boomers who built large art collections as their wealth grew throughout the 1980s, '90s and 2000s. Many of those baby boomer collectors are now buying less or downsizing. And a growing number are leaving estates with large collections to sell, since their kids often don't want the art. At the same time, the new generation of wealthy — millennials and Gen Z — grew up in a more digital world and may not have the same tastes or interest in the paintings of 20th century artists. With over $100 trillion in wealth expected to pass mainly from baby boomers to the next generation, some experts say the art market may be showing signs of structural change and a more existential crisis. The auction houses are racing to adapt with more online sales, luxury items and lower-priced offerings. Auction sales in the luxury category — including jewelry, handbags, wine, watches and sports memorabilia — grew 1% in the first half even as art sales declined, according to ArtTactic. Jewelry is shining especially bright among young, female collectors as more wealth shifts to women. Jewel and jewelry sales jumped 68% in the first half compared to a year ago. Online auctions are also rapidly gaining share over physical auctions as younger collectors prefer to bid from their phones. Total auction sales at Christie's were stable in the first half, thanks in large part to online sales and luxury. Its luxury sales, which also included classic cars, surged 29% to $468 million. Among the highlights: the Marie-Therese Pink Diamond, said to have belonged to Marie Antoinette, which sold for $14 million, and the 'Blue Belle' fancy vivid blue diamond went for $11 million. The shine from jewelry and luxury goods is also helping Sotheby's, which sold its own blue diamond, the famed 'Mediterranean Blue,' for $21.5 million in May after a fierce bidding war. Younger collectors are driving strong demand for collectibles priced under $100,000, with the most competitive bidding for works under $50,000. The top end of the art market, with lots priced at over $10 million, plunged 39% last year, while sales of works for less than $5,000 jumped 13%, according to the Art Basel and UBS Global Art Market Report. Bonnie Brennan, CEO of Christie's, told reporters that the auction's house's chief mission is to offer the objects that its clients want today, and offer them at the right price — especially for the new generation of collectors. Fully 80% of its bids this year have been online and nearly a third of winning bids came from millennial or Gen Z buyers. 'We are showing great relevance to the younger generation, to millennials, to Gen Z,' Brennan said. 'It's something that's really critical to sustain our business going forward.'
CNBC
4 days ago
- Business
- CNBC
Auction sales fall 6% in the first half, raising fears of an art market shift
Auction sales have been declining for the third year in a row, as dealers, auctioneers and collectors ponder a deeper crisis in the art market. Auction sales for the first half of the year at Sotheby's, Christie's and Phillips fell to $3.98 billion, a drop of 6% compared with the same period in 2024, according to ArtTactic. The auction total is the lowest in at least a decade (setting aside the 2020 pandemic) and is now down 44% — or more than $3 billion — from 2022. The declines follow a 19% drop in 2023 and 26% decline in 2024. Postwar and contemporary art, which has been the main engine of growth for art auctions in recent decades, fell by an even greater 19% in the first half, according to ArtTactic. "Lingering concerns over global economic growth, ongoing inflation, and rising geopolitical tensions are weighing on confidence and creating a more cautious investment climate," ArtTactic said. "These factors are likely to challenge the market's momentum in the second half of the year, as the industry adapts to a still-uncertain global landscape." Those lingering concerns, however, aren't showing up in other areas of the wealth economy. The prosperity of the wealthy is at record levels, with the top 10% of Americans adding $37 trillion to their wealth since Covid, marking a 45% increase. Stock markets were up more than 20% in both 2023 and 2024 and are up again so far in 2025. Housing values and business valuations have also soared, adding to personal wealth. Yale professor William Goetzmann has studied the relationship between art prices and financial wealth going back over 300 years and found they are "highly correlated." "Demand for art increases with the wealth of art collectors," he wrote in his famous paper "Accounting for Taste, Art and the Financial Markets over Three Centuries." With personal wealth at all-time highs, however, Goetzmann said the 300-year correlation is broken. He said there are one of two explanations for the divergence: Either the dip in the art market is a temporary aberration and will bounce back this year or next, or the art market is going through a more structural change. "The question is, is there some kind of fundamental deviation from the social norm of the very wealthy being highly involved in collecting art at the highest prices and levels," he said. "We don't know yet." The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them. Subscribe here to get access today. That fundamental deviation, if it's happening, may be rooted in the generational shift in wealth. For decades, the art market has been driven largely by baby boomers who built large art collections as their wealth grew throughout the 1980s, '90s and 2000s. Many of those baby boomer collectors are now buying less or downsizing. And a growing number are leaving estates with large collections to sell, since their kids often don't want the art. At the same time, the new generation of wealthy — millennials and Gen Z — grew up in a more digital world and may not have the same tastes or interest in the paintings of 20th century artists. With over $100 trillion in wealth expected to pass mainly from baby boomers to the next generation, some experts say the art market may be showing signs of structural change and a more existential crisis. The auction houses are racing to adapt with more online sales, luxury items and lower-priced offerings. Auction sales in the luxury category — including jewelry, handbags, wine, watches and sports memorabilia — grew 1% in the first half even as art sales declined, according to ArtTactic. Jewelry is shining especially bright among young, female collectors as more wealth shifts to women. Jewel and jewelry sales jumped 68% in the first half compared to a year ago. Online auctions are also rapidly gaining share over physical auctions as younger collectors prefer to bid from their phones. Total auction sales at Christie's were stable in the first half, thanks in large part to online sales and luxury. Its luxury sales, which also included classic cars, surged 29% to $468 million. Among the highlights: the Marie-Therese Pink Diamond, said to have belonged to Marie Antoinette, which sold for $14 million, and the "Blue Belle" fancy vivid blue diamond went for $11 million. The shine from jewelry and luxury goods is also helping Sotheby's, which sold its own blue diamond, the famed "Mediterranean Blue," for $21.5 million in May after a fierce bidding war. Younger collectors are driving strong demand for collectibles priced under $100,000, with the most competitive bidding for works under $50,000. The top end of the art market, with lots priced at over $10 million, plunged 39% last year, while sales of works for less than $5,000 jumped 13%, according to the Art Basel and UBS Global Art Market Report. Bonnie Brennan, CEO of Christie's, told reporters that the auction's house's chief mission is to offer the objects that its clients want today, and offer them at the right price — especially for the new generation of collectors. Fully 80% of its bids this year have been online and nearly a third of winning bids came from millennial or Gen Z buyers. "We are showing great relevance to the younger generation, to millennials, to Gen Z," Brennan said. "It's something that's really critical to sustain our business going forward."
Scottish Sun
6 days ago
- Business
- Scottish Sun
World's oldest & ‘most precious' Scotch whisky to be released
A total of 125 decanters will be released and could fetch hundreds of thousands of pounds each Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A DISTILLER is to release the world's oldest Scotch single malt whisky later this year. The 85-year-old cask of Glenlivet - distilled in Scotland during World War II - has been emptied and bottled by family business Gordon & MacPhail. Sign up for Scottish Sun newsletter Sign up 3 The 85-year-old cask of Glenlivet has been emptied and bottled 3 The whisky was first laid down on February 3, 1940 The whisky was first laid down on February 3, 1940, by John and George Urquhart, the first and second generation leaders of the Moray-based company. On February 5, 2025, Cask 336 had reached 85-years-old – longer than any other single malt Scotch whisky in history - and the decision was taken to empty the cask. A total of 125 decanters will be released and could fetch hundreds of thousands of pounds each. Stephen Rankin, director of prestige at Gordon & MacPhail, and member of the fourth generation of the family that owns the company, said: "This whisky is truly exceptional due to its remarkable history and unique maturation process. "The influence of the cask, combined with the rarity and scarcity of the liquid, creates a whisky with a strength of 43.7 per cent ABV that is not only extraordinary in its taste but also a living piece of history." Gordon & MacPhail has partnered with acclaimed American architect Jeanne Gang to create a unique decanter to house the "world's most precious whisky to date". Gang said: "I was excited to learn about everything involved in the whisky's creation. Each careful step lends something to a whisky's unique flavour. Then, there are years of protecting the casks so that they can age. "In architecture, these elements of materiality and time also play a critical role in the design process. "Both are about creating something enduring, so this is what I found inspiring about this opportunity to design a decanter for Gordon & MacPhail's 85-year-old single malt whisky." Gang's decanter, themed around 'Artistry in Oak', will be revealed in October and the first decanter will be auctioned by Christie's New York in November. Inside massive whisky festival where dram fans can try tipples worth more than £300 Auction proceeds will be donated to the oldest national non-profit conservation organisation in the United States, American Forests, a leader in forest restoration. Mr Rankin added: "Given the importance of oak in our craft, this partnership was a natural fit, aligning with our mission to leave a meaningful legacy for ongoing generations, via fundraising for the sustainable future of American oak trees." In 2023 a decanter of the previous world's oldest single malt whisky fetched nearly half a million pounds at auction The Macallan "The Reach" 81-year-old was sold to an anonymous online bidder for £488,500 at Sotheby's in Hong Kong.
